Financial Institutions Inc ( (FISI) ) has released its Q4 earnings. Here is a breakdown of the information Financial Institutions Inc presented to its investors.
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Financial Institutions, Inc., a financial holding company with assets of approximately $6.1 billion, offers banking and wealth management services primarily in Western and Central New York through its subsidiaries, including Five Star Bank and Courier Capital, LLC.
In its latest earnings report for the fourth quarter and full year 2024, Financial Institutions, Inc. announced a net loss of $65.7 million for the fourth quarter, driven largely by a strategic balance sheet restructuring involving the sale of investment securities. This restructuring resulted in a pre-tax loss of $100.2 million but aimed to position the company for improved future earnings.
Key financial metrics reflected the impact of the restructuring, with net interest income for the fourth quarter increasing to $41.6 million, a slight rise from previous quarters. Total loans grew to $4.48 billion, with commercial loans seeing significant growth of 4.5% during the year. However, total deposits decreased, primarily due to seasonal public deposit outflows and reductions in brokered deposits.
Looking ahead, company management remains optimistic, highlighting strategic initiatives such as the successful equity offering and balance sheet restructuring as key steps towards enhanced operational performance and organic growth opportunities in core markets. The focus on credit-disciplined loan growth is expected to maintain asset quality stability as they enter 2025.
